Pakistan eyes extended GSP+ benefits, stronger EU trade ties

Prime Minister Shahbaz Sharif on Friday pushed for intensive association with the European Union, underlining the importance of extended GSP+ concessions, which he said that both sides were given significant benefits.

Given the positive speed in mutual relations, the Prime Minister of the European Union. During a meeting with Reena Kyonka’s ambassador, it highlighted it, who called him to the Prime Minister’s house.

The European Union Ambassador gave information about recent visits by the European Union delegation for the engagement of Pakistan as well as the upcoming Pakistan-European Union.

The Prime Minister welcomed the combination of a high-level trade forum of Pakistan-European Union in Islamabad to be held in May, and assured full support in making the incident a success.

At the beginning of the meeting, the Prime Minister thanked the European Union Ambassador for expressing condolences on the recent terrorist attack on the Jafar Express train in Balochistan.

On Tuesday, dozens of terrorists affiliated to the Balochistan Liberation Army (BLA) blew up a railway track and attacked the Jaffer Express carrying hundreds of passengers from Boln district of the province.

The terrorists martyred 21 passengers, while the rest of them were later rescued by the Pakistan security forces on the completion of hostage operations on Wednesday.

The Prime Minister confirmed the Pakistan firm to end terrorism from the country during the meeting, including various aspects of Pakistan-EU relations, including discussion on human rights, trade and investment.

Pakistan was given the status of GSP+ on 1 January 2014, when the country confirmed 27 international conferences and committed to implement them.

The European Union serves as a special incentive system to promote good governance and sustainable development by the convenience of business.

Incentive Pakistan grants zero-remedies or preferential tariffs on about 66% tariff lines, increasing the country’s ability to export the country to export in the European Union market.

GSP+ European Union-Pakistan has proved to be important for bilateral trade relations. From 2014 to 2022, Pakistan’s exports for the European Union increased by 108%, while imports from the European Union increased by 65% ​​and the total trade volume increased from 8.3 billion euros to 14.85 billion urore in 2013.

The country’s textiles, bedbudins, terry towels, hosiery, leather, sports and surgical goods and similar products enter the European Union market and take advantage of GSP+ concessions.

Finmines say that GSP+ is important for export -leading development

Earlier in the day, the European Union Ambassador met Finance Minister Senator Muhammad Aurangzeb to discuss the future of GSP+ trade facility in other matters in the Finance Division.

According to an official statement, a detailed conversation on a range of matters of mutual interest became zero, especially when strengthening trade and investment relations between the two sides.

Aurangzeb highlighted that the GSP+ was an important promoter of Pakistan’s efforts to run an increase in export.

The two officials discussed the opportunities of European businesses in Pakistan, urged to create a competent investment environment to exploit the increasing hunger for expansion.

Dr. Kionaka informed the Finance Minister that the European Union had already mapped over 300 European companies working in Pakistan, with the belief that many more exist.

He said that European companies were increasingly looking at Pakistan as a center for potential business opportunities, especially in the upcoming platform light.

The minister emphasized the need for a more active approach to reaching European capitals for creative connections on major issues, including continuity of GSP+ feature, which is important for Pakistan’s trade relations with the European Union in the coming years.